Story perspectives

India Turns to Venezuelan Crude Amid Hormuz Shutdown

6/2/2026

Summary

Story summary

India became the world’s second-largest importer of Venezuelan crude in May, buying 427,000 barrels per day.
Interim President Delcy Rodriguez will visit India June 3-7 to meet Prime Minister Narendra Modi.
The Iran-Iraq war has closed the Strait of Hormuz, which previously supplied over 40% of India’s crude imports.
Reliance Industries and ONGC Videsh are expanding purchases, with Kpler data projecting shipments of about 380,000 barrels per day in June.

History

Historical Context

After OPEC’s October 1973 oil embargo forced nations to seek alternatives, India’s ONGC Videsh bought 2 million barrels a month in 1974 and Reliance secured a 15 % stake in Venezuelan crude contracts. In June 2024, Venezuelan President Delcy Rodríguez met Indian Prime Minister Narendra Modi to boost India’s 427,000-bpd Venezuelan imports, echoing the 1970s diversification drive.

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Story summary

India became the world’s second-largest importer of Venezuelan crude in May, buying 427,000 barrels per day.
Interim President Delcy Rodriguez will visit India June 3-7 to meet Prime Minister Narendra Modi.
The Iran-Iraq war has closed the Strait of Hormuz, which previously supplied over 40% of India’s crude imports.
Reliance Industries and ONGC Videsh are expanding purchases, with Kpler data projecting shipments of about 380,000 barrels per day in June.

1 / 2